News & Analysis as of

Brokers

Customer Fails To Satisfy Burden To Vacate FINRA Arbitration Award In Favor Of Its Broker

by Carlton Fields on

A federal district court in California confirmed a FINRA arbitration award last month in a lawsuit by Global eBusiness against its broker for alleged mishandling of Global’s margin account. Overall, the court found that...more

Broker Protocol – Broken?

by Hodgson Russ LLP on

At the end of October 2017, Morgan Stanley announced it was withdrawing from the Protocol for Broker Recruiting. That decision sent shock waves through the financial services industry. ...more

Another Shoe Drops: UBS Withdraws from the Broker Protocol

Only one month after Morgan Stanley withdrew from the Protocol for Broker Recruiting (the “Protocol”), a second major brokerage firm has announced its intention to withdraw effective December 1st. UBS says it is withdrawing...more

Chris Lazarini Provides Insight on Broker's Employment Retaliation Claims

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case in which a former commodities broker claimed her former employers retaliated against her for filing a civil rights complaint by causing her new employer to...more

Bill to Make Private Offerings Easier Has Momentum

by Barley Snyder on

The U.S. House of Representatives recently passed a bill directed at making private offerings easier. The bill – the Fair Investment Opportunities for Professional Experts Act – now moves to the U.S. Senate Committee on...more

Morgan Stanley Abandons Broker Industry Recruiting Pact

by Genova Burns LLC on

In a major blow to the Protocol for Broker Recruiting, which limited restrictive covenants in the broker industry and resulting litigation, according to Reuters (October 30, 2017), Morgan Stanley has decided to withdraw from...more

Morgan Stanley Exits, Slams Protocol as "Unsustainable"

by Burr & Forman on

Morgan Stanley announced October 30 that it would exit the Protocol for Broker Recruiting, as part of strategy “to refocus [recruiting] resources on existing talent.”...more

SFC Highlights Deficiencies in Asset Management Industry

• The SFC has identified nine common areas of non-compliance in managing funds and discretionary accounts. • The SFC urged licensed corporations to review their existing internal control procedures and operational...more

Insurance Regulators and Startups Discuss Pitfalls and Engagement at InsureTech Connect 2017

• Recent shifts in insurance regulation are driven by consumer demand. • Traps for the unwary mean that insurtech startups should engage with regulators early and often. • Brokers need to know how to navigate the...more

The Fiduciary Rule Poll

The US Department of Labor’s (DOL) fiduciary standard rule has been befuddling the financial services industry for the past seven years. In its simplest form, it increases accountability for the brokers, planners and...more

New Avenue for Motor Carriers and Brokers to Remove Cases to Federal Court

by Sands Anderson PC on

Earlier this year in Desiree Luccio and Reed Frerichs v. UPS Co., the Southern District of Florida brought good news for motor carriers and brokers. This case involved UPS’ intrastate transportation of frozen embryos. The...more

SEC Charges Platinum Equity for Misallocation of Broken Deal Expenses

The SEC announced a settled action against Beverly Hills-based investment adviser, Platinum Equity Advisors, LLC, for charging three of its private equity fund clients with about $1.8 million more than it should have in...more

Chris Lazarini Analyzes Challenge to Amended MSRB Political Contribution Rules

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a challenge brought by three Republican state party organizations related to the legality of the 2016 Amendments to MSRB Rule G-37 barring brokers and dealers from...more

Brokers Have To Be Reminded To Avoid Using Personal Emails And Texts

by Fox Rothschild LLP on

Despite numerous warnings, some people just do not get it. The SEC barred a broker from the industry because the broker used personal email and text messages to obtain client investments....more

Court Holds That Former Broker Did Not Owe Fiduciary Duties To Client Regarding An Investment

by Winstead PC on

In Holmes v. Newman, the plaintiff made an investment in a start-up internet company that provided betting tips to gamblers for a fee. No. 01-16-00311-CV, 2017 Tex. App. LEXIS 6177 (Tex. App.—Houston [1st Dist.] July 6, 2017,...more

Florida Alcoholic Beverages Trade Practices Guide

by Holland & Knight LLP on

The Florida Alcoholic Beverages Trade Practices Guide is a reference tool that addresses Florida Statute §561.42, referred to as the Tied House Evil law. The statute provides prohibitions and limitations related to the...more

Bill reforming financial adviser regime introduced to Parliament

by DLA Piper on

The financial services industry has been waiting with bated breath (given the upcoming General Election) for the introduction of the Financial Services Legislation Amendment Bill (Bill), which was introduced to Parliament on...more

Using Your Employees to Innovate and Transmit the Message of Compliance

by Thomas Fox on

Yesterday I wrote about the use of internal employee crowdsourcing as an innovation tool for a Chief Compliance Officer (CCO) to enhance a best practices compliance program. Multiple readers noted the topic with approval and...more

Forum Selection Clause in Broker Agreement Insufficient to Confer Personal Jurisdiction

by Farrell Fritz, P.C. on

The Second Department recently handed down a harsh reminder of the importance of obtaining an executed broker’s agreement.  Oral agreements for broker fees are apt to run afoul of the statute of frauds, and personal...more

Chris Lazarini Discusses Burden-Shifting Analysis in Discrimination Case

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which the plaintiff, a former stockbroker, sued his employer after he was terminated claiming discrimination under the ADA and ADEA. Under these statutes and...more

Chris Lazarini Comments on When Appellate Courts May Consider Arguments Not Raised Below

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which a former commodities broker appealed a decision ordering him to pay restitution to his former firm which had made its customers whole after the broker's...more

Reported Criminal Probes Regarding Bond Valuations Highlight the Importance of Valuation Procedures

According to recent news reports, the DOJ and the SEC are investigating the possible improper use of third-party broker quotes by hedge fund managers to value illiquid debt securities in their portfolios. Prosecutors are...more

Update On FINRA Regulatory and Examination Priorities

by Bass, Berry & Sims PLC on

In January, FINRA published its 2017 Regulatory and Examination Priorities Letter. As in years past, FINRA noted its ongoing focus on social media and electronic communications retention and supervision and firm's hiring and...more

MoFo Tax Talk: Volume 10, Issue 1

by Morrison & Foerster LLP on

EDITOR’S NOTE - We held up Tax Talk this quarter in order to bring you the latest on the Trump administration’s tax reform plans. Unfortunately, the one-page plan and transcript of the press conference released on April 26...more

So You Want To Change Firms

by Fox Rothschild LLP on

One certainty in the brokerage world is that registered representatives often switch from one member firm to another. There is nothing wrong with the switch, but there is a word of caution to be shared....more

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